With global corruption cases on the rise and enforcement agencies working in tandem, multinational businesses must fine-tune their compliance strategies. David Hamilton, partner at Howard Kennedy, outlines key challenges and practical solutions for managing cross-border corruption risks.
In recent years, one of the most notable trends in anti-bribery and corruption efforts has been the significant increase in cross-border cooperation between law enforcement agencies. High-profile global resolutions involving companies like Rolls-Royce, Airbus and Amec Foster Wheeler exemplify this trend, with authorities including the UK Serious Fraud Office, DOJ, the French Parquet National Financier and Brazil’s Federal Prosecution Service and Comptroller General, working together to resolve multinational bribery cases.
The evolving financial crime landscape, combined with a proliferation of extra-territorial laws, has created a complex environment for multinational businesses seeking to manage cross-border risks.
Speaking the language
First things first, what is corruption? The answer may be surprising: There is no universally accepted definition. While Transparency International defines corruption as the “abuse of entrusted power for private gain,” the United Nations Office on Drugs and Crime (UNODC) points…
